Insights from the Latest N-PORT Filing for Q3 2024
Founded by the legendary Martin J. Whitman in 1990, the Third Avenue Value Fund (Trades, Portfolio) is renowned for its value investment strategy. The fund adopts a global, all-cap equities approach, focusing on financial strength, potential to compound NAV, and significant discounts to its conservative NAV estimates. With a penchant for contrarian and special-situation opportunities, the fund seeks long-term capital appreciation by investing in undervalued companies with robust financials and tangible assets.
Summary of New Buys
During the third quarter of 2024, Third Avenue Value Fund (Trades, Portfolio) expanded its portfolio by adding new stocks, including:
- Subaru Corp (TSE:7270, Financial), purchasing 805,800 shares, which now represent 2.15% of the portfolio, valued at ¥15.49 billion.
Key Position Increases
The fund also significantly increased its stakes in several companies:
- Paltac Corp (TSE:8283, Financial) saw an addition of 348,700 shares, bringing the total to 575,200 shares. This adjustment marks a 153.95% increase in share count and impacts the portfolio by 1.49%, with a total value of ¥17.65 billion.
- Jardine Cycle & Carriage Ltd (SGX:C07, Financial) with an additional 145,800 shares, bringing the total to 916,800 shares, representing an 18.91% increase in share count, valued at S$17.85 billion.
Summary of Sold Out Positions
The fund exited positions in two companies during this quarter:
- Seven & i Holdings Co Ltd (TSE:3382, Financial), where all 1,309,200 shares were sold, impacting the portfolio by -2.41%.
- Hawaiian Holdings Inc (HA, Financial), with all 623,225 shares liquidated, causing a -1.13% impact on the portfolio.
Key Position Reductions
Reductions were made in several holdings, including:
- Capstone Copper Corp (TSX:CS, Financial) was reduced by 612,277 shares, a -8.1% decrease, impacting the portfolio by -0.6%. The stock traded at an average price of C$9.79 during the quarter and has returned 2.08% over the past three months and 52.25% year-to-date.
- Lundin Mining Corp (TSX:LUN, Financial) saw a reduction of 221,480 shares, a -9.82% decrease, impacting the portfolio by -0.36%. The stock traded at an average price of C$15.42 during the quarter and has returned -11.34% over the past three months and 23.61% year-to-date.
Portfolio Overview
As of the third quarter of 2024, Third Avenue Value Fund (Trades, Portfolio)'s portfolio comprised 31 stocks. The top holdings included 6.48% in Capstone Copper Corp (TSX:CS), 6.37% in Warrior Met Coal Inc (HCC, Financial), 4.81% in Tidewater Inc (TDW, Financial), 4.74% in Deutsche Bank AG (XTER:DBK, Financial), and 4.71% in Bank of Ireland Group PLC (LSE:BIRG, Financial). The holdings are primarily concentrated across eight industries: Basic Materials, Financial Services, Energy, Consumer Cyclical, Industrials, Communication Services, Technology, and Consumer Defensive.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
